KKR Real Estate Finance Trust (NYSE: KREF) Q2 loss, strategic review
Rhea-AI Filing Summary
KKR Real Estate Finance Trust Inc. reported a net loss attributable to common stockholders of $121.8 million, or $1.95 per diluted share, for the quarter ended June 30, 2026, compared with a net loss of $61.9 million, or $0.96 per share, in the prior quarter. Distributable Loss was $36.4 million, or $0.58 per diluted share, after a $119.8 million provision for loan losses and $42.3 million of realized loan write-offs, which also increased the loan loss allowance by $119.8 million, or $1.92 per share.
The senior loan portfolio totaled $4.5 billion with a weighted average unlevered all-in yield of 6.8%, 98% floating rate and a weighted average loan-to-value of 66%. Common stockholders’ equity was $604.0 million, or $10.24 per share, and liquidity was $721.6 million, supported by diversified financing sources of $7.0 billion, 79% of which are fully non-mark-to-market, with no final facility maturities until 2027 and no corporate debt due until 2030.
The company repurchased 5.7 million common shares in the quarter at an average price of $6.63 for $38.0 million, and an additional 1.4 million shares in July 2026. The board formed a strategic review committee to evaluate potential alternatives, including a sale, merger, asset sales or continuing the current business plan.
Positive
- None.
Negative
- $121.8 million net loss and $36.4 million Distributable Loss in Q2 2026, both higher in magnitude than Q1 2026, with negative per-share results.
- $119.8 million loan loss provision plus $42.3 million write-offs increased reserves and are associated with risk-rated 5 and watch list loans.
Filing Explained
The July 21 update records a completed CLO refinancing while leaving the strategic review exploratory, with no transaction or timetable committed.
This Form 8-K furnishes specified second-quarter results and related material updates; the strategic review remains an evaluation, not a completed sale, merger, asset sale, or business-plan change.
In July, the company exercised an optional redemption of KREF 2022-FL3, a CRE CLO, and refinanced the remaining underlying loans under an existing secured financing agreement, recording a completed financing action without disclosing its economic size or detailed terms.
The quarter’s loan resolutions included taking title to a risk-rated 5 life-science property in Boston and receiving repayment of a risk-rated 4 loan in Georgetown, while the supplemental information identifies six loans on the watch list.
The stated resolution path for the strategic review remains open: the company gives no assurance of a transaction, has set no definitive timetable, and says it does not intend to provide further developments until the review is complete.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net loss attributable to common stockholders: $121.8 million
Distributable Loss: $36.4 million
Provision for loan losses, net: $119.8 million
+5 more
8 metrics
Net loss attributable to common stockholders
$121.8 million
Quarter ended June 30, 2026; $1.95 per diluted share
Distributable Loss
$36.4 million
Quarter ended June 30, 2026; $0.58 per diluted share
Provision for loan losses, net
$119.8 million
Three months ended June 30, 2026; $1.92 per diluted share effect
Realized loss on loan write-offs
$42.3 million
Three months ended June 30, 2026; $0.68 per diluted share
Common book value per share
$10.24
As of June 30, 2026; common stockholders’ equity $604.0 million
Liquidity position
$721.6 million
As of June 30, 2026; cash, loan repayments held by servicer and undrawn revolver
Senior loan portfolio
$4.5 billion
Current senior loan portfolio as of June 30, 2026
Share repurchases in Q2 2026
5.7 million shares
Repurchased for $38.0 million at an average price of $6.63 per share
Key Terms
Distributable Earnings, loan-to-value ratio, non-mark-to-market, CRE CLO, +1 more
5 terms
Distributable Earnings financial
"The Company defines Distributable Earnings as net income (loss) attributable"
Distributable earnings are the portion of a company’s reported profits that management determines is safe to pay out to shareholders after accounting for cash needs, required reserves, and non-cash bookkeeping items. Think of it like the money left in your household budget after paying bills and putting aside savings — it shows what can realistically be handed out as dividends or distributions and helps investors judge how sustainable and reliable future payouts may be.
loan-to-value ratio financial
"LTV is generally based on the initial loan amount divided by the as-is appraised value"
The loan-to-value ratio (LTV) measures how large a loan is compared with the worth of the asset used as collateral, expressed as a percentage — for example, a $80,000 loan on a $100,000 property equals an 80% LTV. It matters to investors because higher LTVs mean higher risk of loss if the asset falls in value, and they influence borrowing costs, loan approval, and the stability and pricing of securities backed by such loans; think of it like how deep your financial safety net is under a loan.
non-mark-to-market financial
"79% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only"
Non-mark-to-market describes accounting or valuation where assets and liabilities are recorded at their original cost or a fixed value instead of being updated to current market prices. For investors, this matters because it can hide unrealized gains or losses and make a company’s financial picture look steadier than the economic reality—like keeping a house on the books at the price you paid rather than its current market value.
CRE CLO financial
"exercised an optional redemption of KREF 2022-FL3, a CRE CLO, and refinanced"
A CRE CLO is a type of investment vehicle that pools many loans made to commercial real estate projects (like office buildings, shopping centers, or apartment complexes) and repackages them into slices that investors can buy. Think of it as a mortgage bundle for commercial property where each slice carries different levels of risk and return; it matters to investors because its performance depends on property values and loan repayments, affecting income and potential losses.
watch list loans financial
"Resolved two watchlist loans; including a risk-rated 5 loan by taking title"
Earnings Snapshot
Net loss attributable to common stockholders: $121.8 million
Quarter ended June 30, 2026
Net loss attributable to common stockholders
$121.8 million
Q1 2026 net loss attributable to common stockholders was $61.9 million.
Distributable Earnings (Loss)
($36.4) million
Q1 2026 Distributable Loss was $4.1 million.
Distributable Earnings (Loss) per diluted share
($0.58)
Q1 2026 Distributable Loss per diluted share was $0.06.
Book value per common share
$10.24
Common book value was $604.0 million of equity as of June 30, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were KKR Real Estate Finance Trust (KREF)’s Q2 2026 earnings results?
KREF reported a net loss attributable to common stockholders of $121.8 million, or $1.95 per diluted share, for Q2 2026. Distributable Loss was $36.4 million, or $0.58 per diluted share, driven largely by a substantial loan loss provision and realized write-offs.
How strong was KREF’s liquidity position in Q2 2026?
KREF reported $721.6 million of liquidity as of June 30, 2026, including cash, loan principal repayments held by a servicer, and undrawn corporate revolver capacity. It also had diversified financing sources totaling $7.0 billion with 79% of secured financing fully non-mark-to-market.
What is the size and profile of KREF (KREF)’s loan portfolio?
KREF’s current loan portfolio was $4.5 billion, composed entirely of senior loans, 98% of which are floating rate. The portfolio had a weighted average unlevered all-in yield of 6.8%, a weighted average LTV of 66%, and was 60% multifamily and industrial assets.
What strategic review is KKR Real Estate Finance Trust (KREF) conducting?
KREF’s board created a strategic review committee to evaluate alternatives to enhance shareholder value. Options include a potential sale of the company or its assets, a merger, another strategic transaction, or continuing the current business plan; no outcome is assured.
How did credit quality impact KREF (KREF)’s Q2 2026 results?
Credit costs were significant, with a $119.8 million provision for loan losses and $42.3 million in realized loan write-offs. The company highlighted risk-rated 5 and watch list loans, resolved two watch list loans, and increased its loan loss allowance by $119.8 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 21, 2026
KKR Real Estate Finance Trust Inc.
(Exact name of registrant as specified in its charter)
| Maryland | 001-38082 | 47-2009094 | ||||||||||||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| 30 Hudson Yards, | Suite 7500 | ||||||||||||||||
| New York, | New York | 10001 | |||||||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||||||||
Registrant’s telephone number, including area code: (212) 750-8300
| Not Applicable | |||||||||||
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
| Common stock, par value $0.01 per share | KREF | New York Stock Exchange | ||||||||||||||||||
| 6.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share | KREF PRA | New York Stock Exchange | ||||||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On July 21, 2026, KKR Real Estate Finance Trust Inc. (the “Company”) issued an earnings release and supplemental financial information announcing its financial results for the quarter ended June 30, 2026. The earnings release and supplemental financial information are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, hereto and are incorporated herein by reference.
The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), unless it is specifically incorporated by reference therein.
Forward-Looking statements
This Report contains forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking statements are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within its control. The forward-looking statements speak only as of the date of this Report or as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statements except as required by law. Information about factors affecting the Company and the forward-looking statements is available in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in the Company’s periodic filings with the Securities and Exchange Commission, which are available at www.sec.gov.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Earnings Release dated July 21, 2026 | |||||||
| 99.2 | Supplemental Financial Information for the quarter ended June 30, 2026 | |||||||
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| KKR Real Estate Finance Trust Inc. | ||||||||
| By: | /s/ Kendra Decious | |||||||
| Name: Kendra Decious | ||||||||
| Title: Chief Financial Officer | ||||||||
Date: July 21, 2026
KKR REAL ESTATE FINANCE TRUST INC. REPORTS
SECOND QUARTER 2026 FINANCIAL RESULTS
New York, NY, July 21, 2026 - KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE: KREF) today reported its financial results for the quarter ended June 30, 2026.
Reported net loss attributable to common stockholders of ($121.8) million, or ($1.95) per diluted share of common stock, for the three months ended June 30, 2026, compared to net loss attributable to common stockholders of ($61.9) million, or ($0.96) per diluted share of common stock, for the three months ended March 31, 2026.
Reported Distributable Loss of ($36.4) million, or ($0.58) per diluted share of common stock, for the three months ended June 30, 2026, compared to Distributable Loss of ($4.1) million, or ($0.06) per diluted share of common stock, for the three months ended March 31, 2026.
Second Quarter 2026 Highlights
•$721.6 million liquidity position, including $83.1 million of cash, $254.8 million of loan principal repayments held by a servicer and $350.0 million of undrawn capacity on our corporate revolving credit agreement as of June 30, 2026
•Originated and funded $348.6 million and $328.3 million, respectively, relating to three floating-rate senior loans, with a weighted average appraised loan-to-value ratio ("LTV")(1) of 58% and coupon of 2.8% over the applicable benchmark; and funded $31.1 million in loan principal for existing loans
•Received $806.6 million in loan repayments, including $784.2 million in full repayments across five loans
•Current loan portfolio of $4.5 billion:
•98% floating rate with a weighted average unlevered all-in yield(2) of 6.8% as of June 30, 2026
•Multifamily and industrial assets represent 60% of the loan portfolio
•Weighted average LTV at origination of 66%
•Average risk rating of the loan portfolio was 3.3, weighted by outstanding principal amount
•Resolved two watchlist loans; including a risk-rated 5 loan by taking title to a life science property in Boston, MA, and a risk-rated 4 loan in Georgetown, TX through a repayment
•Entered into two non-mark-to-market facilities in Europe with commitments of €115 million and £99 million, respectively
•Diversified financing sources totaling $7.0 billion with $2.6 billion of undrawn capacity:
•79% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only
•No final facility maturities until 2027 and no corporate debt due until 2030
•Repurchased 5.7 million shares at an average price per share of $6.63 for a total of $38.0 million
•Common book value of $604.0 million, or $10.24 per share, as of June 30, 2026, inclusive of a loan loss allowance that increased by $119.8 million, or ($1.92) per share, for the three months ended June 30, 2026 primarily due to additional reserves for risk-rated 5 and held-for-sale loans
Matt Salem, Chief Executive Officer of KREF, said “As the Board undertakes its review of strategic alternatives, management remains focused on executing the action plan that we established at the beginning of the year. We have made substantial progress repositioning the portfolio and generating liquidity through repayments and asset resolutions.”
Patrick Mattson, President and Chief Operating Officer of KREF, added: “Our capital position continues to provide meaningful flexibility. With over $700 million of liquidity, more than $2 billion of expected repayments this year, and predominantly non-mark-to-market financing, we believe we are well positioned to navigate the action plan.”
(1) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. Weighted average LTV excludes loans with a risk rating of 5.
(2) All-in yield includes amortization of deferred origination fees, loan origination costs and purchase discounts.
1
Second Quarter 2026 Loan Originations
The Company committed capital and funded the following floating-rate loans ($ in thousands):
| Description/Location | Property Type | Month Originated | Committed Principal Amount | Initial Principal Funded | Coupon | Maturity Date(A) | LTV | ||||||||||||||||||||||||||||||||||||||||
Senior Loan, Various, Spain(B) | Multifamily | April 2026 | $ | 158,367 | $ | 138,106 | + | 2.9% | May 2031 | 49% | |||||||||||||||||||||||||||||||||||||
Senior Loan, Los Angeles, CA(C) | Multifamily | April 2026 | 153,990 | 153,990 | + | 2.8 | October 2026 | 70 | |||||||||||||||||||||||||||||||||||||||
Senior Loan, Various, CA(D) | Office | April 2026 | 36,250 | 36,250 | + | 2.6 | April 2031 | 48 | |||||||||||||||||||||||||||||||||||||||
| Total/Weighted Average | $ | 348,607 | $ | 328,346 | + | 2.8% | 58% | ||||||||||||||||||||||||||||||||||||||||
(A) Maturity date assumes all extension options are exercised, if applicable.
(B) Loan size is €135.2 million in local currency. The total whole loan is $593.0 million, or €506.4 million, co-originated and co-funded by KREF and KKR affiliates. The Company's interest was 27% of the loan.
(C) Loan secured by the borrower's ownership interest in an underlying mortgage loan.
(D) The total whole loan is $72.5 million, co-originated and co-funded by KREF and KKR affiliates. The Company's interest was 50% of the loan.
Portfolio Summary
The following table sets forth certain information regarding the Company’s portfolio as of June 30, 2026 ($ in millions):
| Investment | Committed Principal / Investment Amount | Outstanding Principal / Investment Amount | Carrying Value(A) | Net Equity(B) | Max Remaining Term (Years)(C)(D) | Weighted Average LTV(D) | ||||||||||||||||||||||||||||||||
| Senior Loans | $ | 4,860.7 | $ | 4,500.7 | $ | 4,151.6 | $ | 1,460.3 | 1.9 | 66% | ||||||||||||||||||||||||||||
Real Estate Assets(E) | 648.3 | 648.3 | 648.3 | 524.7 | n.a. | n.a. | ||||||||||||||||||||||||||||||||
| CMBS Investments | 91.2 | 85.0 | 85.0 | 85.0 | 5.8 | 55% | ||||||||||||||||||||||||||||||||
| Other Investments | 14.7 | 14.7 | 14.7 | 14.7 | n.a. | n.a. | ||||||||||||||||||||||||||||||||
| Total/Weighted Average | $ | 5,614.8 | $ | 5,248.7 | $ | 4,899.6 | $ | 2,084.8 | 1.9 | 66% | ||||||||||||||||||||||||||||
(A) For loans held-for-investment, carrying value represents the amortized cost, net of applicable allowance for credit losses; for loans held-for-sale, carrying value represents the lower of amortized cost or fair value.
(B) Net equity reflects (i) the amortized cost basis of our held-for-investment loans, net of borrowings; (ii) the lower of amortized cost or fair value of our held-for-sale loans, net of borrowings; (iii) real estate assets, net of borrowings and noncontrolling interests; (iv) fair value of CMBS investments; and (v) the investment amount of equity method investments, net of borrowings.
(C) Max remaining term (years) assumes all extension options are exercised, if applicable.
(D) Weighted by outstanding principal amount for senior loans and the investment amount for CMBS investments. Weighted average LTV excludes loans with a risk rating of 5.
(E) Real estate assets include real estate owned, net of noncontrolling interests, and equity method investments.
2
Non-GAAP Financial Measures
Reconciliation of Distributable Earnings (Loss) to Net Income (Loss) Attributable to Common Stockholders
The tables below reconcile Distributable Earnings (Loss) and related diluted per share amounts to net income (loss) attributable to common stockholders and related diluted per share amounts, respectively, for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025 ($ in thousands, except per share data):
| Three Months Ended | ||||||||||||||||||||||||||||||||||||||
June 30, 2026 | Per Diluted Share(A) | March 31, 2026 | Per Diluted Share(A) | June 30, 2025 | Per Diluted Share(A) | |||||||||||||||||||||||||||||||||
| Net Income (Loss) Attributable to Common Stockholders | $ | (121,794) | $ | (1.95) | $ | (61,881) | $ | (0.96) | $ | (35,425) | $ | (0.53) | ||||||||||||||||||||||||||
| Adjustments | ||||||||||||||||||||||||||||||||||||||
| Non-cash equity compensation expense | 1,899 | 0.03 | 1,808 | 0.03 | 2,141 | 0.03 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 1,564 | 0.03 | 1,358 | 0.02 | 740 | 0.01 | ||||||||||||||||||||||||||||||||
| Unrealized (gain) loss on investments | 1,675 | 0.03 | (164) | — | 238 | — | ||||||||||||||||||||||||||||||||
| Unrealized (gain) loss on foreign currency translation | (2,547) | (0.04) | 5,377 | 0.08 | — | — | ||||||||||||||||||||||||||||||||
| Unrealized (gain) loss on foreign currency forward contracts | 5,333 | 0.09 | (6,853) | (0.11) | — | — | ||||||||||||||||||||||||||||||||
| Provision for loan losses, net | 119,839 | 1.92 | 73,541 | 1.14 | 49,848 | 0.74 | ||||||||||||||||||||||||||||||||
| (Gain) loss on sale of real estate owned | — | — | — | — | (1,192) | (0.02) | ||||||||||||||||||||||||||||||||
| Distributable Earnings before realized losses | $ | 5,969 | $ | 0.10 | $ | 13,186 | $ | 0.20 | $ | 16,350 | $ | 0.24 | ||||||||||||||||||||||||||
| Realized loss on loan write-offs | (42,337) | (0.68) | (17,292) | (0.27) | (20,434) | (0.30) | ||||||||||||||||||||||||||||||||
| Realized gain (loss) on sale of real estate owned | — | — | — | — | 1,192 | 0.02 | ||||||||||||||||||||||||||||||||
| Distributable Earnings (Loss) | $ | (36,368) | $ | (0.58) | $ | (4,106) | $ | (0.06) | $ | (2,892) | $ | (0.04) | ||||||||||||||||||||||||||
| Diluted weighted average common shares outstanding | 62,463,168 | 64,673,125 | 67,191,309 | |||||||||||||||||||||||||||||||||||
(A) Per share amounts presented may not foot due to rounding.
Subsequent Events
In July 2026, the Company repurchased 1,397,265 shares at an average price per share of $7.24 for a total of $10.2 million.
In July 2026, the Company exercised an optional redemption of KREF 2022-FL3, a CRE CLO, and refinanced the remaining underlying loans under an existing secured financing agreement.
Strategic Review
The Company announced that the Board of Directors has established a strategic review committee to initiate a review of possible strategic alternatives for the Company to enhance shareholder value, which may include the sale of the Company or its assets, a merger or other strategic transaction, as well as the continuation of its business plan, as currently conducted or with modifications. There is no assurance that this exploration of strategic alternatives will result in any transaction or change in business plan. The Company has not set a definitive timetable for the completion of its review and does not intend to discuss or disclose further developments during this process until its review is complete.
3
Teleconference Details:
The Company will host a conference call to discuss its financial results on Wednesday, July 22, 2026 at 10:00 a.m. Eastern Time. Members of the public who are interested in participating in the Company’s second quarter 2026 earnings teleconference call should dial from the U.S., (800) 715-9871, or from outside the U.S., +1 (646) 307-1963, shortly before 10:00 a.m. and reference the KKR Real Estate Finance Trust Inc. Teleconference Call; pass code 7308915. Please note the teleconference call will be available for replay beginning approximately two hours after the broadcast. To access the replay, callers from the U.S. should dial (800) 770-2030 and callers from outside the U.S. should dial +1 (609) 800-9909, pass code 7308915.
Webcast:
The conference call will also be available on the Company’s website at www.kkrreit.com. To listen to a live broadcast, please go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay of the webcast will also be available for 30 days on the Company’s website.
Supplemental Information
The slide presentation accompanying this release and containing supplemental information about the Company’s financial results for the quarter ended June 30, 2026 may also be accessed through the investor relations section of the Company’s website at www.kkrreit.com.
About KKR Real Estate Finance Trust Inc.
KKR Real Estate Finance Trust Inc. (NYSE: KREF) is a real estate investment trust that primarily originates or acquires transitional senior loans collateralized by institutional-quality commercial real estate assets that are owned and operated by experienced and well-capitalized sponsors and located in liquid markets with strong underlying fundamentals. The Company's target assets also include mezzanine loans, preferred equity and other debt-oriented instruments with these characteristics. The Company is externally managed and advised by KKR Real Estate Finance Manager LLC, a registered investment adviser and an indirect subsidiary of KKR & Co. Inc., a leading global alternative investment firm with a 50-year history of leadership, innovation and investment excellence and $757.9 billion of assets under management as of March 31, 2026.
Additional information can be found on the Company’s website at www.kkrreit.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company’s current views with respect to, among other things, its future operations and financial performance. You can identify these forward looking statements by the use of words such as “outlook,” “believe,” “expect,” “potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” “anticipate,” the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. The forward-looking statements are based on the Company’s beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within its control. Such forward-looking statements are subject to various risks and uncertainties, including, among other things: the general political, economic, competitive, and other conditions in the United States and in any foreign jurisdictions in which we invest; global economic trends and conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, fluctuations in interest rates and credit spreads, labor shortages, currency fluctuations and challenges in global supply chains; deterioration in the performance of the properties securing our investments; difficulty accessing financing or raising capital; and the risks, uncertainties and factors set forth under Part I-Item 1A. “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in this release. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and information included in this release and in the Company’s filings with the SEC. All forward-looking statements in this release speak only as of the date of this release. The Company undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.
4
CONTACT INFORMATION
Investor Relations:
Jack Switala
Tel: 212-763-9048
kref-ir@kkr.com
Media:
Brooke Rustad
Tel: 646-823-0893
media@kkr.com
Definitions:
“Loan-to-value ratio”: Generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. For the CMBS B-Pieces, LTV is based on the weighted average LTV of the underlying loan pool.
“Distributable Earnings”: Distributable Earnings, a measure that is not prepared in accordance with GAAP, is a key indicator of the Company's ability to generate sufficient income to pay its quarterly dividends and in determining the amount of such dividends, which is the primary focus of yield/income investors who comprise a significant portion of the Company’s investor base. Accordingly, the Company believes providing Distributable Earnings on a supplemental basis to its net income as determined in accordance with GAAP is helpful to its stockholders in assessing the overall performance of the Company’s business.
The Company defines Distributable Earnings as net income (loss) attributable to common stockholders or, without duplication, owners of the Company’s subsidiaries, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (iv) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items agreed upon after discussions between the Company’s manager and board of directors and after approval by a majority of the Company’s independent directors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings only applies to debt investments related to real estate to the extent the Company forecloses upon the property or properties underlying such debt investments.
Distributable Earnings should not be considered as a substitute for GAAP net income or taxable income. The Company cautions readers that its methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, the Company’s reported Distributable Earnings may not be comparable to similar measures presented by other REITs.
5
Second Quarter 2026 Supplemental Information July 21, 2026
2 Legal Disclosures This presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF) for the benefit of its stockholders. This presentation is solely for informational purposes in connection with evaluating the business, operations and financial results of KKR Real Estate Finance Trust Inc. and its subsidiaries (collectively, "KREF“ or the “Company”). This presentation is not and shall not be construed as an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities, any investment advice or any other service by KREF. Nothing in this presentation constitutes the provision of any tax, accounting, financial, investment, regulatory, legal or other advice by KREF or its advisors. This presentation may not be referenced, quoted or linked by website by any third party, in whole or in part, except as agreed to in writing by KREF. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company’s current views with respect to, among other things, its future operations and financial performance. You can identify these forward looking statements by the use of words such as “outlook,” “believe,” “expect,” “potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” “anticipate,” the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. The forward-looking statements are based on the Company’s beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within its control. Such forward-looking statements are subject to various risks and uncertainties, including, among other things: the general political, economic, competitive, and other conditions in the United States and in any foreign jurisdictions in which we invest; global economic trends and conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, fluctuations in interest rates and credit spreads, labor shortages, currency fluctuations and challenges in global supply chains; deterioration in the performance of the properties securing our investments; difficulty accessing financing or raising capital; and the risks, uncertainties and factors set forth under Part I-Item 1A. “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in this release. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and information included in this release and in the Company’s filings with the SEC. All forward-looking statements in this release speak only as of the date of this release. The Company undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All forward looking statements in this presentation speak only as of July 21, 2026. KREF undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All financial information in this presentation is as of June 30, 2026 unless otherwise indicated. This presentation also includes non-GAAP financial measures, including Distributable Earnings and Distributable Earnings per Diluted Share. Such non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with U.S. GAAP. Please refer to the Appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with U.S. GAAP.
3 KKR Real Estate Finance Trust Inc. Overview Loan Portfolio Conservative Balance Sheet KREF’s Manager Fully Integrated with KKR $4.5 B Loan Portfolio 100% Senior Loans 60% Multifamily & Industrial $101 M Average Loan Size(1) 11% European Loan Exposure Senior loans secured primarily by transitional, institutional multifamily and industrial properties owned by high quality sponsors $7.0 B Financing Capacity 79% Fully Non-Mark-to-Market(2) Conservative liability management focused on diversified non-mark-to-market financing 17% KKR Ownership in KREF $722 M Current Liquidity(3) $758 B Global AUM(4) $84 B Real Estate AUM(4)(5) ~120 Real Estate Professionals One firm culture that rewards investment discipline, creativity and determination and emphasizes the sharing of information, resources, expertise and best practices (1) Average loan size is inclusive of KREF's unfunded commitment. The whole loan average size is $166 million (2) Based on outstanding principal amount of secured financing. The remaining is subject to credit marks only (3) Includes $83 million of cash, $350 million of undrawn corporate revolver capacity, $255 million of loan principal repayments held by a servicer and $34 million of available borrowings based on existing collateral (4) As of March 31, 2026 (5) Figures represent AUM across all KKR real estate transactions
4 • 2Q 2026 Net loss(1) of ($1.95) per diluted share (includes a loan loss provision(2) of ($1.92) per diluted share) • 2Q 2026 Distributable loss(3) of ($0.58) per diluted share (includes a realized loss of ($0.68) per diluted share) • Book Value per Share (“BVPS”) of $10.24 per share Second Quarter 2026 Highlights (1) Represents net Income or loss attributable to common stockholders (2) Loan loss provision includes provision for credit losses and change in fair value (3) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP (4) Includes the amortization of deferred origination fees, loan origination costs and purchase discounts. Excludes loans on nonaccrual status • Originated and funded $349 million and $328 million, respectively, relating to three floating-rate senior loans • $4.5 billion senior loan portfolio with a weighted average unlevered all-in yield(4) of 6.8% • Multifamily and industrial assets represent 60% of loan portfolio • Received $807 million in loan repayments, including $784 million in full repayments across five loans • Funded $31 million for existing loans • Weighted average risk rating of 3.3 • Monitoring six watch list loans, including two office and one life science asset • Resolved two watchlist loans; including a risk-rated 5 loan by taking title to a life science property in Boston, MA, and a risk-rated 4 loan in Georgetown, TX through a repayment Financials Portfolio Liquidity & Capitalization • $722 million of available liquidity, including $83 million of cash, $255 million of loan principal repayments held by a servicer and $350 million of undrawn capacity on the corporate revolver • Entered into two non-mark-to-market facilities in Europe with commitments of €115 million and £99 million, respectively • Diversified financing sources totaling $7.0 billion with $2.6 billion of undrawn capacity • 79% of secured financing is fully non-mark-to-market and the remaining balance is mark-to-credit only • No final facility maturities until 2027 and no corporate debt due until 2030 • Repurchased 5.7 million shares at an average price per share of $6.63 for a total of $38.0 million
5 2Q'26 Financial Summary (1) See Appendix for definition and reconciliation to financial results prepared in accordance with GAAP (2) Includes real estate owned and equity method investments (3) Included in “Other Assets” in the Condensed Consolidated Balance Sheets and received in July 2026 (4) Amount excludes 433,050 deferred stock units Income Statement ($ in Millions) 2Q'26 Net interest income $18.2 Other income 2.8 Provision for loan losses (119.8) Operating expenses (18.4) Preferred stock dividends (5.3) Other 0.9 Net Loss Attributable to Common Stockholders ($121.8) Net Loss per Share, Diluted ($1.95) Distributable Earnings (Loss)(1) ($36.4) Distributable Earnings (Loss) per Share, Diluted(1) ($0.58) Dividend per Share $0.10 Diluted Weighted Average Shares Outstanding 62,463,168 Balance Sheet ($ in Millions) 2Q'26 Commercial real estate loans, net $4,151.6 Real estate assets(2) 717.6 Consolidated VIE assets, CMBS trusts 1,241.3 Cash 83.1 Cash held by servicer(3) 254.8 CMBS investments 60.6 Other 50.4 Total Assets $6,559.3 Secured financing agreements, net $3,024.1 Collateralized loan obligations, net 660.3 Secured term loan, net 630.4 Consolidated VIE liabilities, CMBS trusts 1,216.9 Other 37.2 Total Liabilities $5,569.0 Total Equity $990.3 Common Shareholders' Equity $604.0 Book Value per Share $10.24 Common Shares Outstanding(4) 58,577,948
6 2Q'26 Loan Originations – Case Studies Investment Spain Multifamily Portfolio Los Angeles Multifamily Portfolio California Office Portfolio Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan(1) Floating-Rate Senior Loan Loan Size $158 million(2) $154 million $36 million(3) Location Various, Spain Los Angeles, CA Various, CA Collateral 47 multifamily properties totaling 5,263 units 536 unit luxury high rise 3 Office Properties totaling 327k SF Loan Purpose Acquisition Refinance Refinance LTV(4) 49% 70% 48% Investment Date April 2026 April 2026 April 2026 Asset Photo (1) Loan secured by the borrower's ownership interest in an underlying mortgage loan (2) Loan size is €135 million in local currency. The total whole loan is $593 million, or €506 million, co-originated and co-funded by KREF and KKR affiliates. KREF’s interest was 27% of the loan (3) The total whole loan is $73 million, co-originated and co-funded by KREF and KKR affiliates. KREF’s interest was 50% of the loan (4) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated
7 Multifamily 46% Office 21% Industrial 14% Life Science 13% Hospitality 3% Other 3% Class-A 75% Class-B 25% KREF Loan Portfolio by the Numbers (1) KREF classifies a loan as life science if more than 50% of the gross leasable area is leased to, or will be converted to, life science-related space (2) “Other” property types include: 2% Student Housing and <1% Mixed Use (3) Office property certification % is based on current principal loan balance; see description for LEED certification in the Appendix Investment Type Property Type Interest Rate Type Geography 13% 11% 15% 9% Other U.S. <4%: 17% 96% Office(3) 6% Washington, D.C. Senior Loans 100% Floating 98% Fixed 2% Class-A 84% Class-B 16% Multifamily (1) (2) 8% 6% Other Europe <4%: 4% 4% 7%
8 2026 Portfolio Positioning & Outlook Our focus is centered on two key priorities: (1) executing a proactive and disciplined resolution strategy across our watch list assets and certain legacy office exposures, and (2) positioning a significant portion of our REO portfolio for monetization Note: This information reflects current targets as of the date presented and is subject to change. Actual results may differ (1) Represents target composition as of December 31, 2026 (2) Represents 2024 through 2026 originated loans
9 KREF Office Loan Portfolio Overview Location Investment Date Loan Purpose Committed Principal Outstanding Principal Net Equity Loan per SF(1) Max Term (Years)(2) Minneapolis, MN Nov-17 Refinance 199.4 194.4 116.3 182 0.0 Chicago, IL Jul-19 Refinance 105.0 90.7 53.8 87 2.1 Risk-Rated 5: Total / Weighted Average $304.4 $285.1 $170.1 0.7 Washington, DC Nov-21 Refinance 181.0 180.5 72.3 503 1.4 Plano, TX Feb-20 Refinance 136.9 134.2 45.0 185 0.1 Dallas, TX Nov-25 Refinance 114.1 97.4 18.6 386 4.4 Washington, DC Jan-22 Refinance 100.0 100.0 15.1 365 1.6 Various, CA April-26 Refinance 36.3 36.3 7.0 221 4.8 Risk-Rated 3: Total / Weighted Average $568.3 $548.4 $158.0 1.9 Philadelphia, PA Jun-18 Refinance 114.3 114.3 45.0 117 0.6 Held-for-Sale: Total / Weighted Average $114.3 $114.3 $45.0 0.6 Grand Total / Weighted Average $987.0 $947.8 $373.1 1.4 Risk-Rated 3 Office Assets Note: Amounts shown in millions, except for Loan per SF (1) Loan Per SF based on current principal amount divided by current SF (2) Max remaining term (years) assumes all extension options are exercised, if applicable. Weighted average is weighted by current principal amount (3) The other assets in the portfolio are located in San Jose and San Francisco
10 KREF Life Science Loan Portfolio Overview 100% of KREF's loan exposure is located in the top two Life Science markets Location MSA Investment Date Loan Purpose Development Status Year Built or Renovated Asset Quality Committed Principal Outstanding Principal Net Equity Loan per SF(1) Max Term (Years)(2) Boston, MA Boston Aug-22 Construction Complete 2024 Class A $312.5 $229.6 $34.1 $747 1.1 Risk-Rated 5: Total / Weighted Average $312.5 $229.6 $34.1 1.1 Redwood City, CA San Francisco Sep-22 Construction In Process 2025 Class A 145.2 110.5 26.5 886 1.3 Cambridge, MA Boston Dec-21 Construction Complete 2023 Class A 98.4 65.7 15.8 912 4.5 San Carlos, CA San Francisco Feb-22 Recapitalization Complete 2023 Class A 89.1 69.2 23.3 470 1.4 Brisbane, CA San Francisco Jul-21 Refinance N/A 2020 Class A 88.3 80.8 24.1 698 2.1 Risk-Rated 3: Total / Weighted Average $421.0 $326.2 $89.7 2.2 Grand Total / Weighted Average $733.5 $555.8 $123.8 1.7 Completed 68% In Process 20% N/A 12% Boston 56% San Francisco 44% Life Science Assets Development Status(3) Metropolitan Statistical Area(3) Note: Amounts shown in millions, except for Loan per SF (1) Loan Per SF based on current principal amount divided by current SF. For Construction loans, Loan per SF based on total commitment amount of the loan divided by the proposed SF (2) Max remaining term (years) assumes all extension options are exercised, if applicable. Weighted average is weighted by current principal amount (3) Based on committed principal
11 0% 6% 74% 6% 14% 1 2 3 4 5 Weighted Average Risk Rating(2): 3.3 Portfolio Credit Quality Overview Note: The charts above are based on percentage of our loan portfolio held-for-investment (1) LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated. Weighted average LTV excludes risk-rated 5 loans. (2) Weighted average is weighted by current principal amount Loan-to-Value(1) Risk Rating Distribution Weighted Average LTV(2): 66% Loan Count 2Q '2 6 Weighted Average LTV(2): 66% Weighted Average Risk Rating(2): 3.3 1Q '2 6 24% 15% 16% 37% 8% 0 - 60% 60 - 65% 65 - 70% 70 - 75% 75 - 80% 24% 11% 16% 39% 10% 0 - 60% 60 - 65% 65 - 70% 70 - 75% 75 - 80% 0 2 4 441 0 2 1 539Loan Count 0% 6% 78% 1% 15% 1 2 3 4 5
12 Watch List Migrations Quarter-over-Quarter In 2Q'26, KREF had three risk rating downgrades, including one new addition to the watch list, two resolutions and one loan reclassified as held-for-sale 1Q'26 Watch List Intra-Quarter Activity 2Q'26 Watch List Total Principal: $704 million Risk Rating: 5 Total Principal: $674 million Boston Life Science Boston Life Science Minneapolis Office Minneapolis Office San Diego Multifamily San Diego Multifamily Boston Life Science } transferred to REO Chicago Office Carrollton Multifamily Total Principal: $284 million Risk Rating: 4 Total Principal: $42 million Chicago Office downgraded from risk-rated 3 to risk-rated 4 { Dallas Multifamily Carrollton Multifamily Georgetown Multifamily } repaid Philadelphia Office } reclassified as held-for-sale
13 Case Studies: Watch List Loans Investment Boston Life Science Minneapolis Office San Diego Multifamily Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Investment Date August 2022 November 2017 October 2021 Collateral 418k RSF Class-A Life Science Development Two Class-A Office Buildings totaling 1.1mm SF 231-unit Class-A Multifamily Loan Purpose Construction Refinance Refinance Location Boston, MA Minneapolis, MN San Diego, CA Committed Amount $313 million $199 million(2) $116 million Current Principal Amount $230 million $194 million(2) $116 million Loan Basis(1) $747 / SF $182 / SF $501k / unit Coupon + 4.2% + 2.3%(2) + 3.7% Max Remaining Term (Yrs.) 1.1 0.0 0.4 Loan Risk Rating 5 5 5 (1) Loan basis reflects outstanding current principal amount before any credit loss adjustments (2) The total whole loan was $199 million, including (i) a fully funded senior mortgage loan of $120 million, at an interest rate of S+2.3% and (ii) a mezzanine note with a commitment of $79 million, of which $74 million was funded as of June 30, 2026, at a fixed PIK interest rate of 4.5%
14 Case Studies: Watch List Loans cont. Investment Chicago Office Carrollton Multifamily Dallas Multifamily Loan Type Floating-Rate Senior Loan Floating-Rate Senior Loan Floating-Rate Senior Loan Investment Date July 2019 April 2022 April 2022 Collateral Class-A Office Building totaling 1mm SF 320-unit Multifamily 356 -unit Multifamily Loan Purpose Refinance Acquisition Acquisition Location Chicago, IL Carrollton, TX Dallas, TX Committed Amount $105 million $44 million $42 million Current Principal Amount $91 million $44 million $42 million Loan Basis(1) $87 / SF $136k / unit $119K / unit Coupon + 2.3% + 2.9% + 2.9% Max Remaining Term (Yrs.) 2.1 0.2 0.1 Loan Risk Rating 5 5 4 (1) Loan basis reflects outstanding current principal amount before any credit loss adjustments
15 Overview of Real Estate Assets Real Estate Owned Location Property Type Acquisition Date Square Footage/ Units Investment Amount(2) ($ in millions) Investment Amount per Square Foot/ Unit Mountain View, CA Class A Office Campus June 2024 449,006 $137 $442 / SF Boston, MA(3) Life Science June 2026 497,501 128 $514 / SF Seattle, WA(3) Class A Life Science June 2024 213,056 97 $608 / SF West Hollywood, CA Luxury Condo April 2025 37 units 96 $2.6M / unit Portland, OR Retail / Redevelopment December 2021 n.a.(4) 95 n.a. Raleigh, NC Multifamily August 2025 320 units 72 $226k / unit Philadelphia, PA Office December 2023 210,528 34 $162 / SF Total REO $658 Note: Figures as of June 30, 2026. Property type and location breakouts based on total investment amount (1) Equity represents investment amount less current financing and noncontrolling interests (2) Investment Amount represents the value of land, building, and certain other adjustments to basis, net of noncontrolling interests (3) Included in "Equity method investments" on the Condensed Consolidated Balance Sheets (4) Estimated entitlement of 4+ million square feet Equity(1) of approximately $535 million ($9.07 per share) was held in our Real Estate Assets Life Science 34% Office 26% Condo 15% Retail / Redevelopment 14% Multifamily 11% CA 35% MA 20% WA 15% OR 14% NC 11% PA 5% Property Type Location
16 Term Lending Agreements 20% Collateralized Loan Obligations 15% Secured Term Loan 15% Term Loan Facility 12% Asset Specific 9% Revolver 8% Term Credit Facilities 21% Financing Overview: 79% Non-Mark-To-Market Diversified financing sources totaling $7.0 billion with $2.6 billion of undrawn capacity Summary of Outstanding Financing Leverage Ratios (3) Outstanding Financing(5) ($ in Millions) Maximum Capacity Outstanding Principal Amount Weighted Avg. Coupon(1) Advance Rate Non- MTM Term Credit Facilities $1,648 $917 +1.7% 61.8% (2) Term Lending Agreements $1,528 $859 +1.5% 75.6% ü Warehouse Facility $250 $0 n/a n/a ü Secured Term Loan $644 $644 +2.5% — ü Corporate Revolving Credit Facility $700 $350 +2.0% — ü Total Debt $4,769 $2,770 Collateralized Loan Obligations $660 $660 +2.0% 64.9% ü Term Loan Facility $1,000 $511 +2.0% 76.8% ü Asset Specific Financing $522 $394 +2.7% 82.9% ü Total Leverage $6,951 $4,334 2.6 4.3 Debt-To-Equity Ratio Total Leverage Ratio(4) x (1) Weighted average coupon expressed as spread over the applicable benchmark rate (Term SOFR, EURIBOR or SONIA) (2) Term credit facilities are marked to credit only and not subject to capital markets mark-to-market provisions (3) Represents (i) total outstanding debt agreements (excluding non-recourse facilities) and secured term loan, less cash (including cash held by servicer); to (ii) KREF stockholders' equity, in each case, at period end (4) Represents (i) total outstanding debt agreements, secured term loan and collateralized loan obligations, less cash (including cash held by servicer); to (ii) KREF stockholder's equity, in each case, at period end (5) Based on outstanding principal amount of secured financing Non-Mark- to-Market 79% x
17 Financing Overview: Term Credit Facilities Counterparty Total or Weighted Average Drawn $402 $278 $160 $78 $917 Capacity $600 $500 $398(1) $150 $1,648 Collateral: Loans / Principal Balance 7 Loans / $596 7 Loans / $496 2 Loans / $213 4 Loans / $180 20 Loans / $1,484 Final Stated Maturity(2) September 2029 July 2027 November 2032 December 2030 - Weighted Average Pricing(3) +1.6% +2.1% +1.4% +2.1% +1.7% Weighted Average Advance 67.5% 56.0% 75.0% 43.6% 61.8% Mark-to-market Credit Only Credit Only Credit Only Credit Only - ($ in Millions) (1) Facility size is £300 million in local currency (2) Based on extended maturity date (3) Weighted average pricing expressed as spread over the applicable benchmark rate (Term SOFR, EURIBOR or SONIA) (4) Based on principal balance of financing Property Type(4) Multifamily 49% Life Science 18% Office 16% Industrial 11% Hospitality 6% U.S. Europe
18 $255 $338 $688 $83 $350 $34 $722 Cash & Loan Principal Repayments Held by a Servicer Undrawn Corporate Revolver Approved and Undrawn Credit Capacity Total Available Liquidity $— $100 $200 $300 $400 $500 $600 $700 $800 Liquidity Overview (1) Unencumbered assets includes $181 million of unencumbered senior loans, $360 million of real estate owned assets, and $85 million of CMBS investments (2) Loan principal repayments held by a servicer of $255 million received in July 2026 (3) Represents under-levered amounts on financing facilities. While these amounts were previously contractually approved and/or drawn, in certain cases, the lender’s consent is required for us to (re)borrow these amounts ($ in Millions) Sources of Available Liquidity In addition to the available liquidity below, KREF had $626 million of total unencumbered assets(1) as of June 30, 2026 (4) (3)(2)
19 Earnings Sensitivity to Change in Benchmark Rates 98% floating-rate loan portfolio indexed to benchmark rates Quarterly Net Interest Income Per Share Sensitivity to Change in Benchmark Rates Term SOFR: 3.65% EURIBOR: 2.20% SONIA: 3.73% As of June 30, 2026 ($ Impact Per Share) Note: Based on portfolio as of June 30, 2026 Change in Benchmark Rate $0.02 $0.00 $0.00 $0.00 $0.01 -1.00% -0.50% 0.00% +0.50% +1.00% (0.01) 0.00 0.01 0.02 0.03 0.04
20 Appendix
21 2Q'26 Portfolio Details ($ in Millions) # Investment(1) Location Property Type Investment Date Total Whole Loan(2) Committed Principal / Investment Amount Outstanding Principal / Investment Amount Net Equity(3) Coupon(4)(5) Max Remaining Term (Yrs)(4)(6) Loan / Investment Per SF / Unit / Key(7) Origination LTV(4)(8) Risk Rating Senior Loans 1 Senior Loan Boston, MA Life Science 8/3/2022 $312.5 $312.5 $229.6 $34.1 +4.2% 1.1 $747 / SF n.a. 5 2 Senior Loan Minneapolis, MN Office 11/13/2017 199.4 199.4 194.4 116.3 +2.3% 0.0 $182 / SF n.a. 5 3 Senior Loan Washington, D.C. Office 11/9/2021 181.0 181.0 180.5 72.3 +3.4% 1.4 $503 / SF 55% 3 4 Senior Loan Various, United Kingdom Industrial 3/5/2026 428.6 180.2 174.1 46.3 +2.6% 4.9 $73 / SF 72% 3 5 Senior Loan West Palm Beach, FL Multifamily 12/29/2021 171.5 171.5 171.4 58.4 +2.8% 0.5 $211,091 / unit 73% 2 6 Senior Loan Various, Spain Multifamily 4/29/2026 578.3 154.4 134.7 18.7 +2.9% 4.9 $95,829 / unit 49% 3 7 Senior Loan(9) Los Angeles, CA Multifamily 4/22/2026 154.0 154.0 154.0 154.0 +2.8% 0.3 $287,295 / unit 70% 3 8 Senior Loan Redwood City, CA Life Science 9/30/2022 580.9 145.2 110.5 26.5 +4.5% 1.3 $886 / SF 53% 3 9 Senior Loan Various, United Kingdom Industrial 11/19/2025 464.0 139.2 139.2 33.7 +2.8% 4.4 $145 / SF 75% 3 10 Senior Loan Plano, TX Office 2/6/2020 136.9 136.9 134.2 45.0 +4.4% 0.1 $185 / SF 64% 3 11 Senior Loan Raleigh, NC Industrial 6/24/2025 407.6 125.0 125.0 24.2 +2.4% 4.0 $152 / SF 71% 3 12 Senior Loan Arlington, VA Multifamily 1/20/2022 119.3 119.3 119.3 32.5 +3.1% 0.6 $397,644 / unit 65% 3 13 Senior Loan San Diego, CA Multifamily 10/20/2021 115.7 115.7 115.7 50.6 +3.7% 0.4 $500,787 / unit n.a. 5 14 Senior Loan Philadelphia, PA Office 6/19/2018 114.3 114.3 114.3 45.0 +2.8% 0.6 $117 / SF n.a. n.a. 15 Senior Loan Dallas, TX Office 11/7/2025 228.2 114.1 97.4 18.6 +3.2% 4.4 $386 / SF 52% 3 16 Senior Loan Pittsburgh, PA Student Housing 6/8/2021 112.5 112.5 112.5 33.7 +3.0% 0.2 $155,602 / unit 74% 2 17 Senior Loan Chicago, IL Office 7/15/2019 105.0 105.0 90.7 53.8 +2.3% 2.1 $87 / SF n.a. 5 18 Senior Loan Las Vegas, NV Multifamily 12/28/2021 101.1 101.1 101.1 35.2 +2.8% 0.5 $191,460 / unit 61% 3 19 Senior Loan Washington, D.C. Office 1/13/2022 228.5 100.0 100.0 15.1 +3.3% 1.6 $365 / SF 55% 3 20 Senior Loan Cambridge, MA Life Science 12/22/2021 341.3 98.4 65.7 15.8 +3.7% 4.5 $912 / SF 51% 3 21 Senior Loan Cary, NC Multifamily 11/21/2022 95.3 95.3 95.3 26.6 +3.4% 1.4 $244,275 / unit 63% 3 22 Senior Loan Jersey City, NJ Multifamily 10/9/2025 190.0 95.0 95.0 18.3 +2.5% 4.3 $455,635 / unit 76% 3 23 Senior Loan Orlando, FL Multifamily 12/14/2021 94.9 94.9 94.9 25.3 +3.1% 0.5 $250,396 / unit 74% 3 24 Senior Loan Boston, MA Industrial 6/28/2022 259.4 90.9 90.8 19.3 +2.7% 2.0 $195 / SF 52% 3 25 Senior Loan San Carlos, CA Life Science 2/1/2022 139.7 89.1 69.2 23.3 +1.0% 1.4 $470 / SF 68% 3 26 Senior Loan Brisbane, CA Life Science 7/22/2021 88.3 88.3 80.8 24.1 +3.4% 2.1 $698 / SF 71% 3 27 Senior Loan North Palm Beach, FL Multifamily 5/22/2025 85.7 85.7 85.4 16.5 +2.3% 3.9 $341,600 / unit 72% 3 28 Senior Loan Various, U.S. Multifamily 1/31/2025 142.2 85.3 85.1 21.6 +3.0% 3.6 $214,211 / unit 70% 3 29 Senior Loan Philadelphia, PA Mixed Use 6/28/2024 77.7 77.7 24.4 24.4 +4.0% 3.0 $75 / SF 72% 3 30 Senior Loan Various, Europe Hospitality 12/2/2025 348.2 77.3 73.6 17.8 +3.0% 4.6 $70,534 / key 70% 3 31 Senior Loan Brandon, FL Multifamily 1/13/2022 76.7 76.7 74.4 24.8 +3.1% 0.6 $190,719 / unit 75% 3 32 Senior Loan Nashville, TN Hospitality 1/6/2025 75.8 75.8 75.0 14.6 +3.3% 3.5 $326,087 / key 64% 3 33 Senior Loan Various, U.S. Industrial 6/15/2022 146.2 73.1 63.9 16.5 +2.9% 1.0 $90 / SF 50% 3 34 Senior Loan Delray Beach, FL Multifamily 3/26/2025 73.0 73.0 73.0 14.3 +2.3% 3.8 $257,042 / unit 71% 3 35 Senior Loan Melville, NY Multifamily 7/25/2025 142.1 71.1 27.2 8.2 +3.9% 4.1 $475,251 / unit 55% 3 36 Senior Loan Hollywood, FL Multifamily 12/20/2021 71.0 71.0 71.0 20.6 +2.8% 0.5 $287,449 / unit 74% 3 37 Senior Loan Denver, CO Multifamily 9/14/2021 70.3 70.3 70.3 22.0 +2.8% 0.3 $290,496 / unit 78% 3 38 Senior Loan Plano, TX Multifamily 3/31/2022 63.3 63.3 63.3 30.3 +2.8% 1.1 $238,000 / unit 75% 3 39 Senior Loan Charlotte, NC Multifamily 12/14/2021 63.3 63.3 61.0 19.1 +3.1% 0.5 $165,690 / unit 74% 3 40 Senior Loan Dallas, TX Multifamily 8/18/2021 63.1 63.1 63.1 19.0 +3.9% 0.2 $175,278 / unit 70% 3 41 Senior Loan Atlanta, GA Multifamily 9/16/2025 60.8 60.8 60.8 11.8 +2.4% 4.3 $211,847 / unit 67% 3 42 Senior Loan Durham, NC Multifamily 12/15/2021 59.5 59.5 58.3 24.2 +2.8% 1.5 $168,877 / unit 67% 3 43 Senior Loan San Antonio, TX Multifamily 4/20/2022 56.4 56.4 56.4 15.4 +2.7% 0.9 $164,950 / unit 79% 3 44 Senior Loan Atlanta, GA Multifamily 12/10/2021 51.4 51.4 51.4 13.0 +3.0% 0.5 $170,197 / unit 67% 3 45 Senior Loan Reno, NV Industrial 4/28/2022 140.4 50.5 50.5 11.4 +2.7% 0.9 $117 / SF 74% 3 46 Senior Loan Carrollton, TX Multifamily 4/1/2022 43.7 43.7 43.7 20.8 +2.9% 0.2 $136,478 / unit n.a. 5 47 Senior Loan Dallas, TX Multifamily 4/1/2022 42.4 42.4 42.4 20.4 +2.9% 0.1 $119,144 / unit 73% 4 48 Senior Loan Various, CA Office 4/1/2026 72.5 36.3 36.3 7.0 +2.6% 4.8 $221 / SF 48% 3 Total / Weighted Average $7,973.8 $4,860.7 $4,500.7 $1,460.3 +3.0% 1.9 66% 3.3 *See footnotes on subsequent page
22 2Q'26 Portfolio Details # Investment(1) Location Property Type Investment Date Total Whole Loan(2) Committed Principal / Investment Amount Outstanding Principal / Investment Amount Net Equity(3) Coupon(4)(5) Max Remaining Term (Yrs)(4)(6) Loan / Investment Per SF / Unit / Key(7) Origination LTV(4)(8) Risk Rating Real Estate Assets 1 Real Estate Owned Mountain View, CA Office 6/28/2024 n.a. $136.9 $136.9 $136.9 n.a. n.a. $442 / SF n.a. 2 Equity Method Investment(10) Boston, MA Life Science 6/2/2026 n.a. 127.9 127.9 127.9 n.a. n.a. $514 / SF n.a. 3 Equity Method Investment(11) Seattle, WA Life Science 6/28/2024 n.a. 96.7 96.7 68.1 n.a. n.a. $608 / SF n.a. 4 Real Estate Owned West Hollywood, CA Condo 4/15/2025 n.a. 95.6 95.6 40.6 n.a. n.a. $2,583,784 / unit n.a. 5 Real Estate Owned Portland, OR Retail / Redevelopment 12/16/2021 n.a. 95.1 95.1 95.1 n.a. n.a. n.a. n.a. 6 Real Estate Owned Raleigh, NC Multifamily 8/12/2025 n.a. 72.3 72.3 32.3 n.a. n.a. $225,938 / unit n.a. 7 Real Estate Owned Philadelphia, PA Office 12/22/2023 n.a. 23.8 23.8 23.8 n.a. n.a. $113 / SF n.a. Total / Weighted Average $648.3 $648.3 $524.7 CMBS Investments 1 Equity Method Investment(12) Various, U.S. Various 2/13/2017 n.a. $40.0 $33.8 $33.8 4.8% 3.0 58% 2 CMBS B-Pieces Various, U.S. Various 3/12/2026 n.a. 15.1 15.1 15.1 6.1% 9.4 50% 3 CMBS Investment Kailua-Kona, HI Hospitality 3/17/2026 n.a. 14.0 14.0 14.0 +5.8% 6.5 55% 4 CMBS Investment Dallas, TX Mixed Use 2/20/2026 n.a. 12.8 12.8 12.8 +6.8% 6.4 62% 5 CMBS B-Pieces Various, U.S. Various 6/18/2025 n.a. 9.3 9.3 9.3 5.9% 8.7 42% Total / Weighted Average $91.2 $85.0 $85.0 5.6% 5.8 55% Other Investments 1 Equity Method Investment(13) Various, France Industrial 10/10/2025 n.a. $14.7 $14.7 $14.7 n.a. n.a. n.a. Total / Weighted Average $14.7 $14.7 $14.7 Portfolio Total / Weighted Average $5,614.8 $5,248.7 $2,084.8 +6.7% 1.9 66% 3.3 *See footnotes on subsequent page ($ in Millions)
23 2Q'26 Portfolio Details (1) Our total portfolio represents the current principal amount or investment amount on senior and mezzanine loans, real estate assets, CMBS investments and other investments. Excludes loans that were fully written off. For Senior Loan 2, the total whole loan has an outstanding principal balance of $194.4 million, including (i) a fully funded senior mortgage loan of $120.0 million, at an interest rate of S+2.25% and (ii) a mezzanine note with a commitment of $79.4 million, of which $74.4 million was funded as of June 30, 2026, at a fixed interest rate of 4.5% PIK. (2) Total Whole Loan represents the total commitment of the entire loan originated, including participations by KKR affiliated entities. (3) Net equity reflects (i) the amortized cost basis of our loans, net of borrowings; (ii) real estate assets, net of borrowings and noncontrolling interests, and (iii) the investment amount of equity method investments, net of borrowings. (4) Weighted average is weighted by the current principal amount of our loans and the investment amount of CMBS investments. Weighted average LTV excludes risk-rated 5 loans and weighted average coupon excludes loans on nonaccrual status. (5) Coupon expressed as spread over Term SOFR, SONIA or EURIBOR. (6) Maximum remaining term (years) assumes all extension options are exercised, if applicable. (7) Loan Per SF / Unit / Key is based on the current principal amount divided by the current SF / Unit / Key. For Senior Loans 1, 8, 20 and 35, Loan Per SF / Unit / Key is calculated as the total commitment amount of the loan divided by the proposed SF / Unit / Key. (8) For senior loans, LTV is generally based on the initial loan amount divided by the as-is appraised value as of the date the loan was originated; for construction loans, LTV is generally calculated as the total commitment amount of the loan divided by the as-stabilized value; for mezzanine loans, LTV is based on the initial balance of the whole loan divided by the as-is appraised value as of the date the loan was originated; for CMBS investments, LTV is based on the weighted average LTV of the underlying loan pool at issuance. Weighted Average LTV excludes risk-rated 5 loans. (9) Loan secured by the borrower's ownership interest in an underlying mortgage loan. (10) Represents real estate assets held through a JV agreement between us and an unaffiliated third party. We hold a 50% economic interest in the real estate assets and share decision making with the third party under the JV agreement. (11) Represents real estate assets held through a Tenant-in-Common ("TIC") agreement between us and a KKR affiliate. We hold a 74.6% economic interest in the real estate assets and share decision-making with the KKR affiliate under the TIC agreement. (12) Represents our investment in an aggregator vehicle that invests in CMBS B-Pieces. Committed principal represents our total commitment to the aggregator vehicle whereas current principal represents the current funded amount. (13) Represents our 50% economic interest in an affiliated company, which is invested in a senior mortgage loan that is collateralized by industrial properties located in France. The underlying senior mortgage loan with an outstanding principal balance of €65.2 million, has a coupon of 2.8%, term to maturity of 2.8 years and LTV of 69%. The affiliated company's investment in the underlying senior mortgage loan is 80% financed with a funding cost of EURIBOR + 1.6%. KREF does not have unilateral authority to direct the activities that most significantly impact the affiliated company's economic performance.
24 2Q'26 Portfolio Activity (1) Includes a $126 million transfer to REO, $42 million in loan write-offs and a $3 million unrealized loss on FX translation (2) Future funding obligations are generally contingent upon certain events and may not result in investment by us Loan Portfolio Activity Future Funding Obligations(2) ($ in Millions) Real Estate Assets, CMBS Investments & Other Loan Portfolio Principal (1)
25 Fully Extended Loan Maturities Note: Based on current principal amount Fully Extended Loan Maturities ($ in Millions) $930 $1,778 $421 $24 $863 $484 2026 2027 2028 2029 2030 2031 $0 $500 $1,000 $1,500 $2,000 Fully extended weighted average loan maturity of 1.9 years
26 Consolidated Balance Sheets (in thousands - except share and per share data) June 30, 2026 December 31, 2025 Assets Cash and cash equivalents $ 83,058 $ 84,617 Commercial real estate loans, held-for-investment 4,373,120 5,347,756 Less: Allowance for credit losses (291,916) (201,924) Commercial real estate loans, held-for-investment, net 4,081,204 5,145,832 Commercial real estate loan, held-for-sale 70,355 — Real estate owned, held-for-investment, net 360,425 338,595 Real estate owned assets, held-for-sale 132,571 130,188 Equity method investments 273,088 147,332 Investments in CMBS securities 26,800 — Consolidated variable interest entities assets, CMBS trusts, at fair value 1,241,299 505,230 Other assets 290,483 112,849 Total Assets $ 6,559,283 $ 6,464,643 Liabilities and Equity Liabilities Secured financing agreements, net $ 3,024,096 $ 2,862,689 Collateralized loan obligations, net 660,342 1,198,332 Secured term loan, net 630,424 632,516 Real estate owned liabilities, held-for-sale 3,039 3,867 Consolidated variable interest entities liabilities, CMBS trusts, at fair value 1,216,917 496,060 Due to related parties 7,197 6,506 Other liabilities 26,969 39,469 Total Liabilities 5,568,984 5,239,439 Commitments and Contingencies — — Equity Preferred Stock, $0.01 par value, 50,000,000 shares authorized Series A cumulative redeemable preferred stock, (13,110,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025); liquidation preference of $327,750, or $25.00 per share 131 131 Common stock, $0.01 par value, 300,000,000 authorized (60,929,760 issued and 58,577,948 outstanding as of June 30, 2026; 65,488,680 issued and 64,367,737 outstanding as of December 31, 2025, respectively) 609 644 Additional paid-in capital 1,659,313 1,687,168 Accumulated deficit (711,732) (506,130) Repurchased stock (2,351,812 and 1,120,943 shares repurchased as of June 30, 2026 and December 31, 2025, respectively) (16,552) (9,263) Total KKR Real Estate Finance Trust Inc. Stockholders' Equity 931,769 1,172,550 Noncontrolling interests in equity of consolidated joint ventures 58,530 52,654 Total Equity 990,299 1,225,204 Total Liabilities and Equity $ 6,559,283 $ 6,464,643
27 Consolidated Statements of Income (in thousands - except share and per share data) Three Months Ended June 30, 2026 March 31, 2026 June 30, 2025 Net Interest Income Interest income $ 85,487 $ 95,906 $ 112,272 Interest expense 67,305 69,717 82,101 Total net interest income 18,182 26,189 30,171 Other Income Revenue from real estate owned operations 4,371 4,944 4,025 Income (loss) from equity method investments (988) 657 (619) Change in net assets of consolidated variable interest entities, CMBS trusts 836 439 41 Gain (loss) on sale of real estate owned — — 1,192 Gain (loss) on foreign currency translation 1,526 (5,377) — Gain (loss) on foreign currency forward contracts (4,194) 6,853 — Other miscellaneous income 1,214 894 1,061 Total other income 2,765 8,410 5,700 Operating Expenses Provision for credit losses, net 75,088 73,541 49,848 Change in fair value of loan held-for-sale 44,751 — — Expenses from real estate owned operations 8,406 8,122 6,178 Management fee to related parties 5,382 5,511 5,737 General and administrative 4,653 4,584 4,681 Total operating expenses 138,280 91,758 66,444 Income (Loss) Before Income Taxes (117,333) (57,159) (30,573) Income tax expense — — — Net Income (Loss) (117,333) (57,159) (30,573) Net income (loss) attributable to noncontrolling interests (978) (1,019) (847) Net Income (Loss) Attributable to KREF Trust Inc. and Subsidiaries (116,355) (56,140) (29,726) Preferred stock dividends 5,326 5,326 5,326 Participating securities' share in earnings 113 415 373 Net Income (Loss) Attributable to Common Stockholders $ (121,794) $ (61,881) $ (35,425) Net Income (Loss) Per Share of Common Stock, Basic and Diluted $ (1.95) $ (0.96) $ (0.53) Weighted Average Number of Shares of Common Stock Outstanding, Basic and Diluted 62,463,168 64,673,125 67,191,309 Dividends Declared per Share of Common Stock $ 0.10 $ 0.25 $ 0.25
28 Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss) (1) Numbers presented may not foot due to rounding (in thousands - except share and per share data) Three Months Ended June 30, 2026 Per Diluted Share(1) March 31, 2026 Per Diluted Share(1) June 30, 2025 Per Diluted Share(1) Net Income (Loss) Attributable to Common Stockholders $ (121,794) $ (1.95) $ (61,881) $ (0.96) $ (35,425) $ (0.53) Adjustments Non-cash equity compensation expense 1,899 0.03 1,808 0.03 2,141 0.03 Depreciation and amortization 1,564 0.03 1,358 0.02 740 0.01 Unrealized (gain) loss on investments 1,675 0.03 (164) — 238 — Unrealized (gain) loss on foreign currency translation (2,547) (0.04) 5,377 0.08 — — Unrealized (gain) loss on foreign currency forward contracts 5,333 0.09 (6,853) (0.11) — — Provision for loan losses, net 119,839 1.92 73,541 1.14 49,848 0.74 (Gain) loss on sale of real estate owned — — — — (1,192) (0.02) Distributable Earnings before realized losses $ 5,969 $ 0.10 $ 13,186 $ 0.20 $ 16,350 $ 0.24 Realized loss on loan write-offs (42,337) (0.68) (17,292) (0.27) (20,434) (0.30) Realized gain (loss) on sale of real estate owned — — — — 1,192 0.02 Distributable Earnings (Loss) $ (36,368) $ (0.58) $ (4,106) $ (0.06) $ (2,892) $ (0.04) Diluted weighted average common shares outstanding 62,463,168 64,673,125 67,191,309
29 Key Definitions “Distributable Earnings (Loss)": The Company defines Distributable Earnings as net income (loss) attributable to common stockholders or, without duplication, owners of the Company's subsidiaries, computed in accordance with GAAP, including realized losses not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (iv) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items agreed upon after discussions between the Company’s Manager and board of directors and after approval by a majority of the independent directors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings only applies to debt investments related to real estate to the extent the Company forecloses upon the property or properties underlying such debt investments. Distributable Earnings should not be considered as a substitute for GAAP net income or taxable income. The Company cautions readers that its methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, the Company’s reported Distributable Earnings may not be comparable to similar measures presented by other REITs. LEED: LEED is the most widely used green building rating system in the world. LEED certification provides independent verification of a building or neighborhood’s green features, allowing for the design, construction, operations and maintenance of resource-efficient, high-performing, healthy, cost-effective buildings.